To:Y. A. PREOBRAZHENSKY

Written:Written on March 27, 1921Published:First published In 1959 inLenin Miscellany XXXVIPrinted from the original.Source:Lenin
	  Collected Works,

      Progress Publishers,1976,

      Moscow,Volume 45,

      pages106b-107a.Translated:Yuri SdobnikovTranscription\Markup:R. CymbalaPublic Domain:Lenin Internet ArchiveYou may freely copy, distribute,
	display and perform this work; as well as make derivative and
	commercial works. Please credit “Marxists Internet
	Archive” as your source.•README

ComradePreobrazhensky:

The“co-operative” circles, headed by Prokopovich,
Kuskova & Co., are said to wish to make this proposal to
the government:

weshall help you to restore the currency, if you allow
us to issue bonds secured by our (co-operative)
commodity stocks.

Thisis ridiculous, because it is tantamount to the
capitalists’ proposal: we shall help you to restore the
currency, if you let us have commodity stocks.

Butapart from being ridiculous, it emphasises the gist
of the matter: we must startjust now, when the tax in kind
and the exchange (for grain) are being introduced, to make
systematic preparations to “improve” the currency through
the issue of bondssecured by commodities(the commodity
stocks, the grain stocks, etc.).

Theremust be no delay over this. This should be thought
out, prepared and started,without waitingfor the settlement
of the silver issue.

Haveyou brought all this up for your commission, andinit?[2]

Dropme a couple of lines by 11 a.m. tomorrow (28).

Weshall appoint you a member of the Collegium of thePeople’s Commissariat for Finance, This willnottake much
time, butwill put you in touchwith the
P.C.F.[3]

Giveyour attention toFalkner(him;
“her”[1]brother).
Perhaps he will move closer to us and join in the work?

Withcommunist greetings,Lenin

[1]MariaSmith-Falkner, S. A. Falkner’s sister.—Ed,—Lenin

[2]Areference to the Finance Commission of the R.C.P.(B.)
Central Committee and the C.P.C., set up on Lenin’s proposal soon
after the Tenth Party Congress to work out financial policy in
connection with the switch to the New Economic Policy. Its
chairman was Y. A. Preobrazhensky.

[3]OnMarch 28, 1921, the Politbureau of the R.C.P.(B.) Central
Committee and on March 29, the C.P.C. adopted a decision to
include Y. A. Preobrazhensky in the Collegium of the People’s
Commissariat for Finance.